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IRA Legacy Planning

IRA accounts have become one of the largest types of assets inherited by beneficiaries. If you don’t anticipate needing your IRA money in retirement, you may wish to consider a legacy planning strategy to reduce taxes and increase the payout your beneficiaries will receive upon your death. Income and estate taxes can confiscate over 75% of your retirement accounts by the time your family gets it.

A properly structured IRA may provide your beneficiary a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth. The result may yield substantially more money paid out over the course of your beneficiary’s lifetime.

We can help evaluate your financial situation to determine if IRA legacy planning may be the best means for ensuring a long-lasting inheritance for your heirs.

IRA & 401(k) Assets (still under IRA legacy planning)

When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:

  • Leave the money where it is
  • Take the cash (and pay income taxes and perhaps a 10% additional federal tax if you are younger than 59 ½)
  • Transfer the money to another employer plan (if the new plan allows)
  • Roll the money over into an IRA

Rolling over from one qualified plan to another qualified plan, or traditional IRA, allows your money to continue growing tax-deferred until you receive distributions in retirement.

If you determine to cash out of an IRA, we can help you find suitable vehicles to help you reach your retirement income goals.

These decisions can be a “minefield full of danger.” We can help you consider the taxation, fees and commissions, and risk of each option.


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